Spring Singapore has made some revision to the current Micro/ Bridging loans.
Among the revision, there are 2 main points I felt business owner should really take note.
First, the loan tenor has changed from maximum of 4 years to 2 years, meaning monthly repayment will become MUCH higher, from about 2.7k per annum to about 7-8K per annum for a 100k Loan at 5% interest rate (effective).
The second important point to note is the rise in interest rate from 5% to 5.5%, meaning the cost of borrowing to the business owner becomes higher.
Therefore, if you are thinking about borrowing additional working capital for your business, it would be advisable to do it quickly before 1 Feb when the new policy take effect.
From the management of Your Boss Advisors
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